13.07.2017 04:27 PM
Technical analysis of GBP/JPY for July 13, 2017

This image is no longer relevant

Our take profit target which we mentioned in yesterday's analysis has been hit. The pair signals further upside potential after its upward breakout of a bullish channel. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The RSI is above its neutrality level at 50.

As long as 145.55 is seen as support, look for a further advance towards 146.80 and even 147.15.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 145.55 with the target at 145.25.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 145.55, Take Profit: 146.80.

Resistance levels: 146.80, 147.15, and 147.50

Support levels: 145.25, 144.90, and 144.00

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback